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An electric vehicle battery swap allows for the immediate exchange of a depleted battery or battery pack with a fully charged one, negating the need for the driver to wait for the vehicle’s battery to recharge.
Battery switching stations need far less installation space than charging stations and offer a quicker solution to range anxiety. It takes just ten minutes to change a battery.
Due to the development of swappable batteries, the driver is now able to replace the empty battery with a charged one at a designated switching site.
As a result, this considerably increases the vehicle’s uptime while also cutting operating costs, bringing the EV market closer to profitability.
The South Korea EV Battery Swapping Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
Hyundai Motor Company signed a memorandum of understanding (MOU) to collaborate with the South Korean government as well as logistics, battery, and mobility firms to demonstrate the electric vehicle (EV) battery leasing industry.
Hyundai hopes to promote an EV ecosystem through this cooperation by lowering the initial cost of EV sales and offering cutting-edge services that permit environmentally beneficial battery reuse.
According to the contract, Hyundai Glovis, the battery lessor, will buy the ownership of the batteries in freshly bought EVs from taxi operator KST Mobility. Then, KST Mobility pays a monthly cost for battery use. KST Mobility is able to acquire EVs for less money as a consequence.
The removed batteries are reused when the batteries are changed after heavy use.
To expand its battery business in the biggest market in the world, SK Innovation Co., a South Korean refinery-to-battery firm, made an investment in a Chinese battery swap system supplier.
Without disclosing the financial details, SK Innovation has bought a 13.3% interest in Blue Park Smart Energy Technology Co. (BPSE), a division of Beijing Automotive Group.
Electric taxis in Beijing include battery swap stations run by BPSE that allow drivers to swiftly swap out their batteries rather than plugging them in to recharge, saving them time.
A battery-swapping system might help reduce the upfront costs of purchasing EVs by allowing buyers to lease or buy the batteries in addition to the vehicle.